Best method to finance first house

[Brett Campbell]

Hello BP Naton,

I am searching for my first house here in the Fort Bragg/Fayetteville area, with the plans to buy and hold.  I have about 35k saved up and with the help of a family member My budget is up to 80k. 

My question is should I be paying cash or taking a loan out for my first purchase? I'm a newbie to REI, so with that in mind I was wondering if anybody had a advice in which path I should take.

I am not exactly sure where my credit stands because my entire life I have always paid cash for everything. So I would imagine it would be little to none. Im sure my family would co-sign on a mortage if I decide to use a loan. 

Right now I am leaning towards taking a 15 year loan, that way I can afford any repairs or hidden expenses that would come along. I should have pretty good cash flow on the home considering I will be getting paid a monthly BAH from the military, as well as having a roommate live with me. 

Thanks, 

Brett Campbell 

[Tyler Flagg]

Hey @Brett Campbell welcome to BP!

First off, great questions. These are the same debates that I struggled with last year when I decided to start investing as well.

The answers are pretty subjective, and really depend on what you are personally looking to do when it comes to investing. Therefore, I've included links below to a few episodes of the #AskBP podcast. They are only a few minutes a piece, and definitely worth the time. 

1) Paying Cash or Taking a Loan (i.e. Leveraging) - Podcast #27

2) 15 vs 30 year mortgage - Podcast #30

3) Investing while in the military - Podcast #36

Hopefully this help! Best of luck and feel free to send me a message if there is anything I can do to help.